21世纪经济报道记者王雪 实习生花子怡 武汉报道 日前，华工科技（000988.SZ）发布2024年年报，公司全年实现营业收入117.09亿元，同比增长 13.57%；归母净利润12.21亿元，同比增长21.17%。其中，以高端光模块为核心的联接业务表现尤为亮 眼，实现营收39.75亿元，同比增长23.75%，在该公司三大核心业务中增速最快。 与此同时，华工科技也在积极布局下一代超高速光模块的研发和生产，推进光电子信息产业研创园项目 建设。 目前，该项目一期8.25万平方米基地已于去年11月封顶。该基地聚焦3.2T超高速产品研发，集成InP、 GaAs与硅光子三条核心产线，推动公司高端光模块产能进入倍增周期。 扩张海外产能破关税壁垒 与光模块芯片同样享受到国产替代红利的，还有智能制造与感知业务。据年报，2024年，华工科技感知 业务实现营业收入40.95亿元，同比增长9.23%；智能制造业务实现营收34.92亿元，同比增长9.45%。 不过，眼下关税不断调整，引发市场关注。对此，华工科技党委书记、董事长马新强在业绩交流会上表 示，得益于前瞻性的全球化布局和持续深入的供应链体系打造，"对等关税政策"对公司来说机 ...

Core Viewpoint - The company, Huagong Technology, reported strong financial results for 2024, driven by explosive growth in global AI computing infrastructure, with revenue reaching 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% [1] Group 1: Financial Performance - In 2024, Huagong Technology achieved a revenue of 11.709 billion yuan, reflecting a 13.57% year-on-year growth [1] - The net profit for the same period was 1.221 billion yuan, marking a 21.17% increase compared to the previous year [1] - The company has maintained a compound annual growth rate (CAGR) of 15% in sales revenue and 18% in net profit over the past five years [2] Group 2: Strategic Response to Market Challenges - The chairman, Ma Xinqiang, emphasized that opportunities outweigh challenges in the current international economic environment, advocating for "strong investment and active development" as the company's main strategy [1] - The company is expanding its core business by developing new products and markets while also exploring new fields, such as medical-engineering integration in collaboration with Tongji University and Xiehe Hospital [1] - Huagong Technology's global layout and robust supply chain have mitigated the impact of tariffs, with the chairman stating that "equal tariffs" present more opportunities than challenges [2] Group 3: Business Segments and Growth Areas - The sensing business generated 4.095 billion yuan in revenue, with the sensor segment contributing 3.668 billion yuan and laser holographic anti-counterfeiting business 427 million yuan [3] - The optical module segment achieved 3.975 billion yuan in revenue, a 23.75% increase, driven by demand for 400G and 800G modules [3] - The intelligent manufacturing business reported revenue of 3.492 billion yuan, up 9.45%, with significant growth in orders from the new energy vehicle and shipbuilding sectors [3][4] Group 4: Future Outlook - The company anticipates continued growth in its sensing business through advancements in new materials, processes, and technologies, targeting humanoid robots and low-altitude economy sectors [3] - The intelligent manufacturing strategy focuses on deepening domestic market penetration while expanding overseas, capitalizing on structural growth opportunities in shipbuilding, new energy, and semiconductor industries [4] - The company aims to enhance its competitive strength through a differentiated strategy that integrates AI technology into smart equipment, automated production lines, and intelligent factories [4]

Core Viewpoint - In 2024, Huagong Technology achieved significant growth with a revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit attributable to the parent company of 1.221 billion yuan, up 21.17% [1] Group 1: Financial Performance - The company expects to continue its growth trajectory in Q1 2025, projecting a net profit of 390 million to 440 million yuan [1] - R&D expenses for 2024 reached 878 million yuan, reflecting a 15.28% increase, primarily focused on hardware development and product upgrades [2] Group 2: Business Segments - The high-end optical module business generated revenue of 3.975 billion yuan, marking a 23.75% year-on-year growth, driven by demand in both domestic and international markets [2] - The company is actively penetrating the photovoltaic energy storage and power battery application sectors, with significant growth in the PTC thermal management system for new energy vehicles [1][2] Group 3: Future Growth Drivers - Future growth is anticipated from the expansion in 3C, semiconductor, and hydrogen energy industries, alongside opportunities in AI mobile phones and micro-laser additive manufacturing [2] - The company is focusing on the development of next-generation ultra-high-speed optical modules and is in the process of constructing a photonic information industry innovation park [3]

Group 1 - The company plans to repurchase shares worth 300 million to 400 million yuan for employee stock ownership plans or equity incentives, with a maximum repurchase price of 62.8 yuan per share [1] - The company has obtained a loan commitment from Minsheng Bank's Wuhan branch, allowing for a loan covering up to 90% of the repurchase amount, with a term not exceeding three years [1] - The company's stock price has rebounded by over 11% since April 9, following a decline from a high of 50.08 yuan per share in February, with the latest closing price at 37.7 yuan per share [1] Group 2 - In 2024, the company achieved operating revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% [2] - The intelligent manufacturing segment generated revenue of 3.492 billion yuan, growing by 9.45%, while the connectivity segment saw revenue of 3.975 billion yuan, an increase of 23.75% [2] - The company reported that orders from key industries, including new energy vehicles and shipbuilding, accounted for 87% of total orders, with new energy vehicle orders increasing by 33% [2] Group 3 - The chairman stated that the U.S. "reciprocal tariff" policy presents more opportunities than challenges for the company, allowing for capacity expansion through overseas subsidiaries in countries with lower tariffs [3] - The company expects net profit for Q1 2025 to be between 390 million and 440 million yuan, representing a year-on-year growth of 34.54% to 51.79% [3] - The company highlighted that its products could be priced 25 to 30 USD lower than competitors due to its differentiated competitive advantages [3] Group 4 - The company reported significant growth in its core business areas, with increased demand for PTC heating components and sensors from new energy vehicle manufacturers [4] - The intelligent manufacturing segment is benefiting from equipment upgrades in the shipbuilding industry and the digitalization of manufacturing processes [4] - The connectivity segment is experiencing rapid growth due to increased demand for high-speed optical modules driven by AI applications [4]

证券代码：000988 证券简称：华工科技 公告编号：2025-13 华工科技产业股份有限公司 第九届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 华工科技产业股份有限公司（以下简称"华工科技"或"公司"）于 2025 年 4 月 11 日以电话及邮件方式向全体董事发出了"关于召开第九届董事会第十次 会议的通知"。本次会议于 2025 年 4 月 15 日以通讯方式召开。会议应出席董事 9 人，实际收到表决票 9 票。会议的召开符合《公司法》及《公司章程》的规定。 本次会议由董事长马新强先生主持，经全体董事审议并通讯表决，形成了以 下决议： 一、审议通过《关于回购公司股份方案的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 基于对公司长期价值的认可和对公司未来发展的坚定信心，同时为进一步健 全公司长效激励机制，充分调动员工的积极性，有效地将股东利益、公司利益和 员工个人利益紧密结合在一起，公司拟使用不低于人民币 3 亿元（含）且不超过 人民币 4 亿元（含）自有资金及股票回购专项贷款以集中竞价交易方式回购公司 发行的部 ...

Core Viewpoint - Huagong Technology (000988.SZ) plans to repurchase its shares using self-owned funds and a stock repurchase special loan, with a total repurchase amount between 300 million yuan and 400 million yuan [1] Group 1 - The company intends to use the repurchased shares for future employee stock ownership plans or equity incentives [1] - The repurchase price will not exceed 62.80 yuan per share [1] - The company has obtained a loan commitment letter from China Minmetals Bank, which will provide a loan covering up to 90% of the repurchase amount, with a loan term not exceeding 3 years [1]

证券代码：000988 证券简称：华工科技 公告编号：2025-14 华工科技产业股份有限公司 关于回购公司股份方案暨取得 股票回购专项贷款承诺函的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、回购股份的基本情况 华工科技产业股份有限公司（以下简称"华工科技"或"公司"）拟使用自 有资金及股票回购专项贷款以集中竞价交易方式回购公司发行的部分人民币普 通股（A 股）股份（以下简称"本次回购"），并在未来适宜时机用于实施员工 持股计划或股权激励。拟用于本次回购的资金总额不低于人民币 3 亿元（含）且 不超过人民币 4 亿元（含），回购股份价格不超过人民币 62.80 元/股（含）。按 照回购资金总额上限 4 亿元，回购价格上限 62.80 元/股进行测算，预计回购股 份数量为 6,369,426 股，约占公司当前总股本的 0.63%；按照回购资金总额下限 3 亿元，回购价格上限 62.80 元/股进行测算，预计回购股份数量为 4,777,070 股， 约占公司当前总股本的 0.48%。回购实施期限为自公司董事会审议通过本次回购 方案之日 ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 Q1 业绩高增，期待国内光模块放量 [Table_InvestInfo] 下调盈利预测，维持"优于大市"评级。公司发布 2024 年年报及 25 年一 季报业绩预告，24年业绩略低于我们预期（主要由于Q4研发费用的增加）， 但 25 年一季报业绩高增（归母净利润 3.9-4.4 亿，同比+34.54%-51.79%）。 考虑公司存在部分海外业务敞口，或受关税影响，我们下调 2025-2026 年 归母净利润至 16.32/19.70 亿元（前值 16.92/20.92 亿元），更新 2027 年归 母净利润至 23.39 亿元，对应 2025-2027 年 EPS 分别为 1.62/1.96/2.33 元。 考虑行业平均估值，给予 2025 年 30x PE 不变，下调目标价 48.70 元（前 值为 50.48 元），维持"优于大市"评级。 三大核心业务收入均实现增长，国际业务实现突破。1）智能制造业务： 营业收入 34.92 亿元，同比增长 9.45%。在智能装备方面，新能源汽车行 业订单同比增长 33%，船舶行业订单同比增长 ...

核心业务高质量增长，华工科技（000988）(000988.SZ)业绩稳步提升。 感知业务方面，公司继续保持新能源汽车热管理和多功能传感器技术全球领导地位，报告期内，整体实 现营业收入40.95亿元，其中传感器业务营业收入36.68亿元，激光全息防伪业务营业收入4.27亿元。新 能源及其上下游产业链销售占比超过60%。感知业务泰国工厂于2024年8月建成投产，海外业务同比增 长超过30%；PTC加热器海外项目定点实现"0"突破。 近5年累计分红5.93亿 近年来，华工科技通过技术突破与全球化布局，进一步巩固行业领先地位，为产业智能化与低碳化转型 提供核心支撑。 华工科技日前发布2024年年报，公司2024年实现营业收入117.09亿元，同比增长13.57%；归母净利润 12.21亿元，同比增长21.17%。公司拟向全体股东每10股派发现金红利2元(含税)，合计派现2.01亿元， 不送红股，不以公积金转增股本。 值得一提的是，华工科技主体业务今年以来也迎来大幅增长。根据同日发布的业绩预告，公司2025年一 季度预计实现归母净利润3.9亿元—4.4亿元，同比增长34.54%—51.79%。 三大核心业务齐头并进 ...

摘要/ 交出筹码后 周末最火的消息应该是手机等商品的关税豁免！ 美国海关与边境保护局（CBP）于周五深夜更新了关于特朗普总统根据总统令 14257号及其修正案（EO 14259）实施的互惠关税中的商品排除指南。 此次豁 免范围涵盖大量电子产品，包括智能手机、笔记本电脑及相关组件。 随后白宫发布声明，自2025年4月5日东部夏令时间凌晨12:01起，依据总统令 14257号及其后续命令，对被豁免的进口商品（即被归类为"半导体"的商品）所 征收的关税，将依据CBP退税标准程序予以退还。 从两种口径大致估算下，豁免产品规模约在1000亿美元左右。 | | 本轮清单豁免产品出口规模测算 | | | | | --- | --- | --- | --- | --- | | 代码 | 产品 | 2024对美出口金 | 占中国对美出 | 占中国 | | | | 额(亿美元) | ロ比重(%) | 比重 | | 8471 | 自动数据处理设备(如计算机、服务器) | 412.2 | 7.9 | | | 8473.30 | 打印设备零件及附件 | 44.4 | 0.8 | | | 8486 | 半导体制造设备零件(如晶圆传输装置 ...